- Bitwise’s XRP ETF hit $22M in early trading, surpassing typical first-day activity.
- Strong inflows and rising competition follow Canary Capital’s record XRPC ETF debut.
- Debate grows over Bitwise’s XRP ticker as more XRP ETFs prepare for launch.
The XRP ETF proposed by Bitwise registered impressive sales in the first hours of its operation on the market. NYSE Arca trading commenced with about $22 million volume being traded long before the trading session concluded.
Early numbers were verified by Bloomberg reporter James Seyffart who noted that turnout was higher than is typical during a first day listing. It was introduced one week after Canary Capital had launched its XRPC product in the market which already achieved a high standard.
Strong Market Reaction to Bitwise’s XRP ETF Debut
The early response was something that Seyffart remarked on. He observed that the trading window was yet to close with a few hours remaining when the volume approached the level of $22 million.
Also Read: Bitwise’s Spot XRP ETF Officially Debuts on the New York Stock Exchange
Bitwise manages approximately $15 billion of assets in its portfolio. Earlier on, the company had mentioned that the new spot fund would go under the exchange ticker, XRP. This company referred to the listing as a massive step to its ongoing growth in digital-asset products.
It was openly admitted by Ripple chief Brad Garlinghouse. He congratulated Bitwise and made a light comment that a competitive season in regard to the XRP related funds had commenced.
The chief investment officer of the firm showed the same enthusiasm upon the launch of the ETF. He stepped out stating that the launch was years in the making of the asset as well as the community as a whole.
Canary XRPC ETF Sets Benchmark for XRP-Based Funds
It was introduced in the market as a result of the high performance by Canary Capital XRPC ETF. On the initial day of its launch, that product had a trading volume of $59 million. It also collected initial inflows worth $245 million. The debut was the most successful new ETFs debut of 2025 out of about 900 listings.
The fund by Bitwise also seems to be receiving stable interest. Similar data provided by SoSoValue had it that inflows exceeded more than $105 million in the first hours of trade.
Source: SoSo Value
A discussion was triggered by the choice of ticker XRP throughout the crypto industry. A large number of exchange-traded products follow a naming convention that combines the name of the issuer with a brief description of the asset.
Market observers indicated that such a decision may force analysts and educators to draw a line between the digital token and the ETF with the identical three letters in view of new investors.
Bitwise CIO came out to the discussion by stating that the ticker choice was intentional. He further mentioned that the company had foreseen the publicity the naming would cause.
Additional XRP-based ETFs will emerge in the nearest future. Such additional listings by analysts come with more institutional exposure to XRP. Higher inflows can help the asset in its effort to recover following its price fall in the recent past. Some of the issuers preparing spot XRP funds are Franklin Templeton and Grayscale. The two companies are scheduled to release their products on November 24.
Also Read: 21Shares XRP ETF Gains SEC Approval to List on Cboe Under “TOXR” Ticker
